{"id":1241,"date":"2020-11-04T15:56:45","date_gmt":"2020-11-04T15:56:45","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1241"},"modified":"2022-07-04T23:49:17","modified_gmt":"2022-07-04T23:49:17","slug":"real-estate-driving-force-economy","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/real-estate-driving-force-economy\/","title":{"rendered":"Real Estate Is a Driving Force in the Economy"},"content":{"rendered":"
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Real Estate Is a Driving Force in the Economy<\/p><\/div>\n

As the economy recovers from this year\u2019s health crisis, the housing market is playing a leading role in the turnaround. It\u2019s safe to say that what we call \u201chome\u201d is taking on a new meaning, causing many of us to consider buying or selling sooner rather than later. Housing, therefore, has thrived in an otherwise down year.<\/p>\n

Today\u2019s high buyer demand combined with low housing inventory means we\u2019re seeing home prices\u00a0appreciate<\/a>\u00a0at an above-average pace. This demand is being driven by those who want to take advantage of historically low mortgage rates. According to\u00a0Freddie Mac<\/em><\/a>:<\/p>\n

\u201cThe record low mortgage rate environment is\u00a0providing tangible support to the economy at a critical time<\/strong>, as housing continues to propel growth.\u201d<\/em><\/p><\/blockquote>\n

These factors are driving a positive impact on the economy as a whole. According to the\u00a0National Association of Realtors\u00a0<\/em>(NAR), the real estate industry provided\u00a0$3.7 billion dollars of economic impact<\/strong>\u00a0to the country last year. To break it down, in 2019, the average newly constructed home contributed just\u00a0over $88,000 per build<\/strong>\u00a0to local economies. Across the country, real estate clearly makes a significant impact\u00a0(See map below):<\/em><\/p>\n

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Economic Impact of a Home Sale<\/p><\/div>\n

In addition, last week, the\u00a0Bureau of Economic Analysis<\/em><\/a>\u00a0announced the U.S. Gross Domestic Product increased at an annual rate of 33.1% in the 3rd<\/sup>\u00a0quarter of this year, after decreasing by 31.4% in the second quarter. There\u2019s no doubt the growing economy is being fueled in part by the soaring housing market. Experts forecast this housing growth to carry into 2021, continuing to make a big impact on the economy next year as well.<\/p>\n

Bottom Line<\/strong><\/h3>\n

The American Dream of homeownership has continued to thrive in the midst of this year\u2019s economic downturn, and \u201chome\u201d has taken on a new meaning for many of us during this time.\u00a0 Best of all, the housing market is making a significant impact as the economy recovers.<\/p>\n

 <\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
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THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

The American Dream of homeownership has continued to thrive in the midst of this year\u2019s economic downturn. Finish Reading Real Estate Is a Driving Force in the Economy<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[171,149,10,18,91,9,49,42,40,63,20,12,48,13,28,47,19],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1241"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1241"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1241\/revisions"}],"predecessor-version":[{"id":1244,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1241\/revisions\/1244"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}